Successful management relies on one's ability to adapt and react to changes in the surrounding environment, especially today where there are many more environmental factors than in the years past. Globalization, technological advances and an ever-changing political landscape have increased the variables that management must be aware of when dealing with situations. Managers should take into account all of the factors that could potentially effect their specific industry. Successful management in today's business atmosphere depends on being able to predict and correctly respond to unforeseen environmental issues that effect modern businesses.
One of the world's most recognized companies and brands, Coca-Cola continues to prosper by innovating and adapting to the local needs of its customers and consumers throughout the world. Despite ferocious competition, significant currency devaluations in key markets and major acquisition related write-downs, the company has predicted long term growth exceeding their current sales.
What is Coca-Cola's formula for success? Is it simply a case of having the right product and brand or is it more than that? Just what does it take for a multinational like Coca-Cola to sustain its competitive advantage?
Coca-Cola, which sold 10 billion cases of soft-drinks in 1992, found themselves asking where will sales of the next 10 billion cases come from? The answer lies overseas, where income levels and appetites for western products are at an all time high.
Often, the company that gets into a foreign market first usually dominates that country's market. Coke patriarch Robert Woodruff realized this 50 years ago and unleashed a brilliant ploy or in a way a very simple global strategy to make Coke the early bird in many of the major foreign markets. At the height of World War II, Woodruff proclaimed that "Wherever American boys were fighting, they'd be able to get a Coke." By...